5 Questions
What information does each block in a blockchain contain?
Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data.
What is a blockchain?
A distributed ledger with growing lists of records (blocks) securely linked together via cryptographic hashes.
How are blockchain transactions irreversible?
Once recorded, the data in any given block cannot be altered retroactively without altering all subsequent blocks.
How are blockchains typically managed?
Blockchains are typically managed by a peer-to-peer (P2P) computer network for use as a public distributed ledger, where nodes collectively adhere to a consensus algorithm protocol.
What is the impact of blockchain forks on the unalterability of records?
The unalterability of blockchain records is impacted by blockchain forks.
Study Notes
Blockchain Structure
- A blockchain is a distributed ledger made up of growing lists of records (blocks) linked together via cryptographic hashes.
- Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data.
- Transaction data is often represented as a Merkle tree, with data nodes represented by leaves.
Irreversibility of Transactions
- Blockchain transactions are irreversible, meaning that once they are recorded, the data in any given block cannot be altered retroactively.
- Altering data in a block would require altering all subsequent blocks.
Blockchain Management
- Blockchains are typically managed by a peer-to-peer (P2P) computer network.
- The network functions as a public distributed ledger, where nodes collectively adhere to a consensus algorithm protocol.
- The protocol is used to add and validate new transaction blocks.
Blockchain Modifiability
- Although blockchain records are not unalterable, blockchain forks can potentially occur.
- This means that, under certain circumstances, the blockchain can be modified.
Test your knowledge of blockchain technology and its key components with this quiz. Explore concepts like distributed ledgers, cryptographic hashes, timestamps, and transaction data, and learn how blocks are securely linked together.
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